The Price of Knowledge: Fisheries Management as a Research Tool

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Abstract
One of the side effects of fisheries management is the discovery of new scientific information. Since this information has economic value, in that it can be used to improve future management of the fishery, the information that can be gained through a particular management strategy should not be ignored in evaluating that strategy. This paper shows using a simple model, how the research component of fisheries management can be measured and used to plan an optimal strategy. The management objectives are taken to include avoidance of risk and maximization of yield. The results depend critically on the time horizon for management. Long-term management favors creative risk-taking and leads to optimal future exploitation, while management based on short-term considerations may freeze the fishery in a permanent pattern of suboptimal yields. Key words: fisheries management, optimal control

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